Consumers Finally Get Some Relief From Inflation As Prices Decline for First Month Since 2020

[mystery-ak]

Consumers Finally Get Some Relief From Inflation As Prices Decline for First Month Since 2020

John Carney 11 Jul 2024


Consumers got the first break from inflation since the height of the pandemic in 2020.

In a surprising turn of events, the cost of consumer goods and services dropped in June, the Department of Labor said Thursday.

This significant decline signals a recent slowdown in inflation, raising hopes that the Federal Reserve might slash high U.S. interest rates in the coming months.

The consumer price index (CPI) dipped by 0.1 percent in June following a flat performance in May. This marks the first decrease since May 2020, when the pandemic’s grip forced the economy into an unprecedented shutdown.

The 12-month inflation rate also eased, falling to 3.0 percent from 3.3 percent, reaching its lowest point since April 2021.

Economists had forecast CPI would rise 0.1 percent for the month and 3.1 percent over 12 months.

ore CPI, which excludes volatile food and energy prices, saw a modest increase of just 0.1 percent for the second consecutive month. These back-to-back readings are the slowest in more than three years, reflecting a cooling trend in underlying inflation pressures.

Year-over-year, core inflation edged down to 3.3 percent from 3.4 percent, further highlighting the ongoing deceleration in price increases.

Economists had forecast a rise of 0.2 percent for core inflation over the past month and a 3.5 increase over the year.

more
https://www.breitbart.com/economy/2024/07/11/cpi-inflation-june/

[rustynail]

'In a surprising turn of events' is that French for 'to be revised later'?

[Wingnut]

Man if that is relief it must be like a mental patient who bangs his against the wall. The Doc asks him why he does that.  He replies, because it feels good when I stop.

[SZonian]

0.1% is "significant"?
It is but to laugh...the gaslighting has no end.

[DefiantMassRINO]

My baseline is pre-Covid prices ... the inflation numbers can be a joke because some of the things they measure are removed from the daily cost-of-living for the unwashed masses.